How to Fix a Mistake in a Trust

Even a small mistake in a trust can change where the assets go. Thomas Kopelman and Anne Rhodes walk through the most common errors, from a misspelled beneficiary name to a section reference that points nowhere. Anne explains how tracing the flow of assets through a plan can catch them. Then they cover how to fix a mistake: an amendment for a revocable trust, or beneficiaries agreeing to change an irrevocable one. They also explain splitting a pot trust, trust protectors, decanting, and when only a court can fix it. Whether a trust is revocable or irrevocable, this episode shows advisors that clients are rarely stuck with a document that is wrong.

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